Patterson-UTI Energy, Inc. (PTEN) Price Target Lowered to $20.00 at Credit Suisse Group
Patterson-UTI Energy, Inc. (NASDAQ:PTEN) had its price target reduced by research analysts at Credit Suisse Group from $22.00 to $20.00 in a report issued on Friday. The firm presently has a “neutral” rating on the oil and gas company’s stock. Credit Suisse Group’s target price suggests a potential upside of 2.62% from the company’s current price.
Other equities research analysts have also recently issued reports about the company. Royal Bank Of Canada set a $35.00 price objective on Patterson-UTI Energy and gave the stock a “buy” rating in a report on Saturday, June 24th. Citigroup Inc. upgraded Patterson-UTI Energy from a “neutral” rating to a “buy” rating and lowered their price objective for the stock from $21.00 to $19.00 in a report on Wednesday, August 30th. BMO Capital Markets reiterated a “hold” rating and issued a $23.00 price objective on shares of Patterson-UTI Energy in a report on Thursday, July 13th. Seaport Global Securities cut Patterson-UTI Energy from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $29.00 to $21.00 in a report on Wednesday, June 21st. Finally, BidaskClub cut Patterson-UTI Energy from a “sell” rating to a “strong sell” rating in a report on Tuesday, August 8th. Two analysts have rated the stock with a sell rating, twelve have assigned a hold rating and sixteen have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $27.23.
Shares of Patterson-UTI Energy (PTEN) opened at 19.36 on Friday. The stock’s market capitalization is $4.10 billion. The company has a 50 day moving average price of $17.07 and a 200-day moving average price of $20.81. Patterson-UTI Energy has a 52-week low of $14.83 and a 52-week high of $29.76.
Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings data on Thursday, July 27th. The oil and gas company reported ($0.21) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.30) by $0.09. Patterson-UTI Energy had a negative return on equity of 10.03% and a negative net margin of 23.78%. The company had revenue of $579.00 million for the quarter, compared to analysts’ expectations of $556.47 million. During the same period in the previous year, the firm posted ($0.58) EPS. Patterson-UTI Energy’s revenue was up 198.5% compared to the same quarter last year. On average, analysts predict that Patterson-UTI Energy will post ($0.91) earnings per share for the current fiscal year.
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Frontier Investment Mgmt Co. purchased a new stake in Patterson-UTI Energy in the second quarter valued at approximately $4,416,000. Benefit Street Partners LLC raised its position in Patterson-UTI Energy by 30.1% in the second quarter. Benefit Street Partners LLC now owns 255,528 shares of the oil and gas company’s stock valued at $5,159,000 after purchasing an additional 59,053 shares during the period. Lord Abbett & CO. LLC raised its position in Patterson-UTI Energy by 6.2% in the second quarter. Lord Abbett & CO. LLC now owns 1,217,216 shares of the oil and gas company’s stock valued at $24,576,000 after purchasing an additional 70,913 shares during the period. Ashburton Jersey Ltd raised its position in Patterson-UTI Energy by 43.4% in the second quarter. Ashburton Jersey Ltd now owns 87,540 shares of the oil and gas company’s stock valued at $1,767,000 after purchasing an additional 26,500 shares during the period. Finally, California State Teachers Retirement System raised its position in Patterson-UTI Energy by 15.0% in the second quarter. California State Teachers Retirement System now owns 383,913 shares of the oil and gas company’s stock valued at $7,751,000 after purchasing an additional 50,038 shares during the period. 98.44% of the stock is currently owned by institutional investors.
Patterson-UTI Energy Company Profile
Patterson-UTI Energy, Inc is an oilfield services company. The Company owns and operates a fleet of land-based drilling rigs and a fleet of pressure pumping equipment in the United States. The Company’s segments include Contract Drilling, Pressure Pumping and Other operations. The Contract Drilling segment markets its contract drilling services to independent and other oil and natural gas operators.
Receive News & Ratings for Patterson-UTI Energy Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Patterson-UTI Energy Inc. and related companies with MarketBeat.com's FREE daily email newsletter.